Another good learning outcome worth mentioning Ive learned from the process of making marketing plan is identifying which marketing ideas have real commercial potential.
There are three very good tools that can help to make a successful marketing plan. The first one is to create exceptional utility to identify where and how the new product or service will change the lives of its customers. The second one is setting a marketing strategic price it must not only attract customers in large numbers but also help to retain them. And the third tool is building a profitable business model a good business model is itself a powerful defense against imitation.
My expectations at the start of the module
At the start of the module I expected that there are three options to fight the rivals: attack, coexist, or become low-cost players. None of these options is easy, but the right marketing plan can help learn which strategy is most likely to work. It is recommended not to launch the price war with your competitors. Instead companies should increase the differentiation of their products by using a combination of tactics, intensify differentiation by offering more benefits to consumers.
The experience I bring to the module in the context of the learning outcomes
In the context of the learning outcomes I brought to the module a lot of experiences. First of all, breakthrough pricing strategy can destroy competitors and shake up industries. By offering lower prices and better services than its rivals Wimm-Bill-Dann simply took their customers away. The invention and deployment of new ways of doing work enabled Wimm-Bill-Dann to build customer loyalty.
Wimm-Bill-Dann faced a number of operational challenges from the first days of its creation, but it overcame each of them one by one. By using the models of the most successful Internet retailers of that time, they identified characteristics that are mostly appealing to customers: value, convenience and selection. These three characteristics are the main pillars that create a stable base for the company.
The initial pricing model that Wimm-Bill-Dann deployed was similar to that offered by traditional drinks producers charging for a movie, shipping costs and extended rental fees. But facing a frustration from their early customers regarding the prices Wimm-Bill-Dann shifted to its popular organic drinks, which became Wimm-Bill-Danns key insight value.
Soon after that Wimm-Bill-Dann adjusted its pricing system it helped to significantly simplify the program and made it easier to explain the program. This compelling market proposition added a new group of fans for whom drinks were a regular part of their daily life.
In order to better balance customer demand, Wimm-Bill-Dann developed a proprietary recommendation system that increased the utilization of Wimm-Bill-Danns product line by satisfying customers.
The experience has been used to achieve the learning outcome
I used this experience through the process of creating the marketing plan and realized that usually the barriers are low and there is no single competitor that controls significant market share. But at the same time environment is likely to get tougher and tougher due to raising amount of possible competitors and increasing set of features and applications with convenient and also disruptive services that can be used in order to lower the cost structure and prices accordingly. To be successful a company should increase the differentiation of their products and services.
My comment on the views on the process
The process of making marketing plan is very challenging. On my opinion marketing strategy is must be deemed as the best one. Building marketing plan from the ground (customers needs) is a hard work. The process helped me to realize that Wimm-Bill-Dann marketing plan should be based on the right strategy steps and tactics, such as: a) strategy focus (delivering drinks is a service that needs to be focused on definite market demand backed by appropriate product, strongly targeted customers and becoming pricing model), b) adjusted product strategy, c) justified pricing model (to target long-term customer relationships and d) right target market.
Assess the prior knowledge and skill the learning outcome
I had prior knowledge and skill the learning outcome how to create a practical business plan. I spent hours tailoring all the ideas and going through all the stages of composing a business plan including introduction of business idea and why it is attractive to start it, overall market appeal, customer value proposition, profit formula, key resources and processes, and financial statements. This experience was very practical for me in the future to start my own business or even to work with other people in developing their business ideas.
Another prior knowledge I had was that diversity of ways to communicate with customers can be a key driver in achieving marketing goals and targets. Through a series of cases, practical applications, presentations and interactive dialogues I understood both the importance and the power of diversity and how to communicate and manage it in real life. I developed an understanding of diversity as a competitive advantage in marketing environment.
The meaning of innovation in creating potentially interesting and useful marketing plan is another prior knowledge I had before. Innovative marketing model or idea may change any industry completely providing competitive advantages and benefits. Invention and deployment of new ways of doing work is all about marketing innovation, but managers usually ignore and uninterested innovations. It is very important to be innovative especially in our days when new ideas get shorter life period.
My comments about the changes as a result of this learning
I understood that marketing plan is very important in order to succeed in any business. Usually the barriers are low and there is no single competitor that controls significant market share. But at the same time marketing environment is likely to get tougher and tougher due to raising amount of possible competitors and increasing set of features and applications with convenient and also disruptive services that can be used in order to lower the cost structure and prices accordingly. To be successful a company should increase the differentiation of their products and services.
My comment about the process of learning
When I was undergoing the process of learning I felt that there are some very important marketing bases to succeed. The first one is the philosophy «Grow and divide». Such philosophy is rather beneficial. It doesnt permit the company to become a large mechanistic structure unsuitable for fostering innovation. The next one is innovation culture and management support.
The questions that I have been concerning the learning outcome and the actions that I am going to take to address them
Concerning the learning outcome I have the next questions. How to increase the amount of practical examples, games and cases in creating marketing plans. It provides a class additional to theory practical understanding of how to implement all those thriving marketing ideas. Inviting special guest which are able to share their experience is all very helpful for educational process. All this can be students interested in the class and attract their additional attention to practical issues.
I would also suggest increasing team working as a very practical and absolutely necessary experience in any marketing field. It also helps to build the network with other students. Working in a team helps to gain an ability to create a dialogue while communicating and improve communication skills. Possessing this skill helps to identify real problems, develop solutions, and reach common understandings. It is also important to be able to put yourself in «others shoes» to virtually transfer yourself to the place of your communicator in order seeing yourself from the other persons perspective. Being a part of a team gives students a chance to share their ideas and have more opportunities in their unpredictable future.
Another concerning for improving the learning outcomes in the MBA program is creating Marketing Incubator. The purpose of this incubator is to provide the students an opportunity to put their marketing ideas in practice, to make them work in reality. It is may be organized as competition with rewarding a team with the best business plan financial funding to put this idea in practice. This would definitely encourage students to bring and develop the most practical and reliable marketing ideas.
food producer analysis customer